The primary investment objective of the Nuveen Quality Preferred Income Fund 3 is to provide is high current income consistent with capital preservation. The fund's secondary objective is to enhance portfolio value. The fund invests at least 80% of its managed assets in preferred securities, and up to 20% of its net assets in debt securities, including convertible debt securities and convertible preferred securities. The fund invests predominantly in securities that are rated investment grade (BBB/Baa or better by S&P, Moody's, or Fitch) at the time of investment, and may include up to 10% in securities that are rated investment grade by at least one of S&P, Moody’s, or Fitch, and lower by another. The fund uses leverage.

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